CIBC Capital Markets adjusted its price targets on six Canadian engineering, construction and heavy equipment companies.
Analyst Krista Frisen raised her target on Badger Infrastructure Solutions (BDGI.TO) to C$104 from C$85 and Bird Construction (BDT.TO) to C$71 from C$65. Both firms' Outperformer ratings were maintained. Toromont Industries (TIH.TO) had its price target lifted to C$240 from C$215, with a neutral rating held.
Friesen lowered her target on Stantec (STN.TO) to C$137 from C$160 with an Outperformer rating while TerraVest Industries (TVK.TO) went to C$130 from C$170 on a Neutral view. WSP Global (WSP.TO) moved to C$266 from C$318, while the Outperformer rating was maintained.
CIBC lowered "price targets for WSP and STN to reflect a degree of uncertainty created by AI," the analyst said in the note. The bank "raised our price targets for BDGI and BDT given the increasing opportunity tied to industrial development, raised our price target on TIH to reflect the strength in its power systems backlog, and reduced our price target for TVK reflecting uncertainty related to governance."
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